This Week’s Mortgage Update for Northern Virginia: Highly Volatile

From our go to guy, Rob Clark at Preferred Mortgage:

“Attached is this week’s mortgage update.  Rates last week continued to be highly volatile as the market reacted and then reacted again and again to the rescue/bailout plan that was ultimately passed on Friday.  I expect continued volatility this week as the market digests what the plan really means long-term to the financial markets.  The end result last week was the rates ended the week down and are presently at 5.875% with 0 points for a 30 yr fixed rate loan.” 

Thanks again to Rob for a timely and balanced view.

Michael